Lauf Cycles, a portfolio company of The New Business Venture Fund Kría, has received a full reimbursement of the import tariffs it paid in the United States that were later ruled unlawful.
The reimbursement was covered by Viðskiptablaðið on 14 July and Vísir on 15 July, where Benedikt Skúlason, CEO of the company was interviewd.
According to the reports, the reimbursement was issued last week following a formal refund process with U.S. Customs authorities. Erla Skúladóttir, chairman of the Board, described the outcome as very positive news that gives the company greater flexibility to continue its ambitious product development efforts.
Benedikt Skúlason noted, however, that while the reimbursement is significant, it only compensates for part of the damage caused by the tariffs. Lauf Cycles received approximately USD 660,000 (around ISK 82 million) in refunded duties, but the company also had to reduce inventory, delay shipments and adapt its supply chain in response to the uncertainty created by the tariffs.
Lauf Cycles was founded in 2011 and became part of The New Business Venture Fund Kría's portfolio in 2019.
